Masterise Homes, Marriott ink deal to bring world’s largest branded residences to VN

Friday, Jan 08, 2021 12:25

Masterise Homes and Marriott International executives and guests from the US consulate in HCM City and AmCham Vietnam at the signing ceremony on January 7. — Photo courtesy of the organisers

Masterise Homes and Marriott International have signed an agreement to bring an ultra-luxury residential product concept of Branded Residences to Viet Nam.

The agreement is expected to allow Masterise Homes to extend its development expertise into Viet Nam’s fast-growing luxury real estate market, leveraging Marriott International’s global brands like Marriott, JW Marriott and, especially, The Ritz-Carlton.

“Viet Nam’s growth through the years has been very impressive,” Rajeev Menon, president - Asia Pacific (excluding China), Marriott International, said.

“We are grateful for the opportunity to work with Materise Homes to realise their vision of building premium communities in Viet Nam, and are excited about growing our branded residence footprint in the region.”

Jason Turnbull, deputy managing director and CFO of Masterise Homes, said: “Design, development, management, and operation standards will follow the same requirements of any branded residence that carries the same brand around the globe, offering global citizens a privilege to experience world-class ultra-luxury living that is similar to a five-star JW Marriott branded residence in London or a Ritz Carlton in New York.”

The projects, currently in the planning stage, are located in HCM City and Ha Noi, and will take the lead in introducing the Urban Branded Residences concept in Viet Nam.

Grand Marina Saigon, the first project, is situated in the heart of HCM City on the last remaining large plot of developable land on the northern bank of the river in District 1. It is a large-scale, mixed-use development with residential, office and commercial features.

It is expected to be Marriott International’s largest branded residence project in the world, and the company’s first foray into Viet Nam’s vibrant branded residential market segment. — VNS

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